Republic of Congo: QPI takes 15% in Total E&P Congo

Further to the signing of a framework agreement in May 2013, Total has concluded an agreement for Qatar Petroleum International to take a 15% shareholding in Total E&P Congo. The $1.6bn increase of Total E&P Congo’s capital will consolidate its financial capacity as it develops the Moho Nord deep offshore project, Total said. First oil from Moho Nord is expected in 2015, with output reaching 140,000 boe/d in 2017. QPI’s main focus is downstream, and its only other sub-Saharan asset is a 20% stake in Total’s Ta7 and Ta8 blocks in Mauritania, acquired in 2007.